No, gaff is not an acronym, it is a regular English word with historical roots, though it is often confused with acronyms like GAF because of similar spelling and pronunciation. Gaff as a noun has several dictionary definitions with long history dating back to the 16th century, including a metal hook or spear used for landing large fish, a steel spur attached to a gamecock for cockfighting, and in older British English a cheap theatre, music hall, or fair, derived from Romani and thieves cant. In modern UK, Irish, and Australian slang, gaff means house, flat, or home, for example my gaff means my house, and free gaff means a house where parents are away. This usage is slang, not an acronym, and has no capital letters representing other words. It is not spelled out as G.A.F.F. for other words. In contrast, GAF in uppercase is an acronym that stands for things like General Aniline and Film Corporation in roofing, German Air Force in NATO documents, and Government Aircraft Factory in Australian aviation history, and in vulgar internet slang Give A Fuck as in IDGAF. Those are acronyms where each letter stands for a word. Gaff the slang for house has no such expansion, it is simply a word that evolved from Romani language and British cant. So gaff is a word, GAF can be an acronym, but they are different even though they sound identical and are sometimes spelled interchangeably in texting.
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